Russia’s seaborne crude oil exports to increase as OPEC+ cuts ease

Oil

Russia’s seaborne exports of crude oil are set to increase by 290K b/d m-o-m to 1.46M b/d in August, according to preliminary port loading programs issued by national pipeline monopoly Transneft, Energy Intelligence Reports. This is a decline of 880K b/d y-o-y. Russian production is expected to increase by around 400K b/d in August m-o-m, as OPEC+ cuts reduce from 9.7M b/d to 7.7M b/d through till the end of the year.

Exports from the Baltic Sea ports of Primorsk and Ust-Luga are set to increase by 310K b/d m-o-m to 900K b/d, with loadings from the Black Sea port of Novorossiysk also edging up by 20K b/d m-o-m to 330K b/d. Exports from Kozmino are planned to decline slightly by 10K b/d m-o-m to 620K b/d.